With Momo’s position as the first e-wallet in Vietnam with the highest market share at 68%, along with awareness of up to 97%, this project aims at taking advantages of MoMo’s existing s
Summary
Branding is the cornerstone of building a strong, market-leading identity in a world shaped by intensified international and regional economic integration, reflecting how companies express ambition in production, business activity, and competitive positioning Established in 2007, M_service has been a pioneer in mobile payment solutions, launching the MoMo e-wallet to deliver value and convenience and to accelerate the move toward a cashless society by connecting users with hundreds of utilities within one app With MoMo holding the highest e-wallet market share in Vietnam at 68% and brand awareness reaching 97%, the plan is to leverage these strengths to craft a marketing strategy that attracts new customers, addresses weaknesses and opportunities, and communicates MoMo’s brand and services effectively to the target audience in future initiatives.
This report not only reviews and evaluates the influencing factors but also delivers a foundational base system, essential information, and a concrete strategy to help Momo achieve its set goals It analyzes drivers, constraints, and opportunities to provide a clear framework for decision-making and execution The detailed contents will be outlined in the marketing plan described below.
Introduction to MoMo
MoMo’s current marketing position
MoMo is a market leader in Vietnam's mobile e-wallet space, offering a leading point-of-transaction and payment platform With more than 4,000 MoMo outlets across 54 provinces and cities, the service serves more than 23 million customers, including those in distant locations These milestones support MoMo's vision to evolve into a SuperApp with an all-in-one application that integrates payments and everyday digital services.
To maintain its leading position and outpace rivals in the same category, MoMo continually optimizes its products to meet customer needs, streamlining the checkout process by reducing the number of steps required It makes its familiar features more distinctive with the memorable slogan "Transfer money - Instant MoMo," leaving a strong impression on customers who find the service easy to remember and understand.
2.1.1 MoMo’s Points of Parity (POP):
MoMo e-wallet meets the needs and provides basic payment services to customers
MoMo Wallet is licensed and supervised by the State Bank of Vietnam, ensuring regulatory oversight for digital payments It is directly connected to a broad network of banks, enabling easy transfers and secure transactions For login and payments, MoMo offers strong authentication options, including OTP codes and fingerprint verification, among other security features.
Implement links, expand cooperation with many different partners in the industry (Gojek, Bee )
Take advantage of the push from the context of the Covid 19 pandemic to change the perception among users, businesses, and state agencies towards electronic payments
Raise awareness through promotional activities and attractive promotions and cashback programs
2.1.2 MoMo's Points of Difference (POD):
MoMo Wallet is a mobile payment platform that drives a cashless economy by delivering a seamless one-touch payment experience across hundreds of services It enables basic payments for electricity, water, telecommunications, and cable TV, and extends to e-commerce, tourism, transportation, entertainment, consumer finance, insurance, shopping, and food service.
MoMo earns consumer trust through strict safety standards, PCI DSS certification—the highest international security standard—plus 2FA, SSL/TLS, tokenization, and a multi-layer login security that includes OTP authentication codes, biometric authentication (fingerprint and facial recognition), app auto-lock, and automatic prevention of transactions with signs of fraud MoMo is among the first payment intermediaries to achieve this certification.
MoMo is Vietnam’s only e-wallet app that enables external cash withdrawals It already operates a nationwide network of more than 5,000 withdrawal points, making cash withdrawals convenient for users Unlike many e-wallets that charge a withdrawal fee, MoMo offers free withdrawals up to 10 times per month.
According to 329 respondents in a DecisionLab survey that answered the question, "What is the reason for customers to use an e-wallet more frequently than others?" PayPal is ranked first in the fast transaction process (59%) among the other three wallets (ShopeePay, Z
ViettelPay) It shows that the MoMo e-wallet is capable of managing customer payments quickly and efficiently (See Figure 2 in Appendix)
As mentioned above, one of MoMo’s points of difference (POD) is its security MoMo's security system has achieved the highest level of Service Provider PCI DSS (Payment Card Industry Data Security Standard) global security certification (Service Provider level 1) and is recognized as the first among the few e-wallets in Vietnam to receive this certification (ZaloPay, AirPay, Moca ) At the same time, MoMo Wallet also applies advanced and outstanding authentication technologies such as two-factor authentication, authentication by fingerprint or face recognition, tokenization, etc With this PCI DSS International Security certification, MoMo E-Wallet is ranked first for the strict security system that partners and customers can be completely assured of.
Based on subjective assessments from MoMo e-wallet users collected through market surveys and complemented by reference information, this study develops a perceptual map that evaluates MoMo on two key dimensions—security of payments and speed of transactions The resulting map visualizes user perceptions, benchmarks MoMo against competitors, and highlights opportunities to strengthen security features and accelerate processing speed, ultimately supporting better user trust and faster adoption of the MoMo e-wallet.
MoMo’s Marketing Mix
MoMo aims to be the nation's leading e-wallet service that will promote the development of the cashless economy by providing its customers with one-touch payment.
Brand name: MoMo Super App.
Quality: fast, convenient, and safe All of the world in a single tap.
- MoMo Money transfer: Free, fast, secure Transfer money by phone number How much is transferred, even if it's only 100 VND Send messages with cards and stickers.
Túi Thần Tài: Only 10,000 VND with daily interest up to 6% per year Fee-free instant deposit The balance is both profitable and payable on MoMo.
Postpaid wallet: zero interest rate; no activation fee; no service fee.
MoMo Entertainment: Buy movie tickets, lottery tickets, karaoke at your fingertips, pay just one second No waiting time, save time.
- MoMo Donation: Join hands to help in difficult situations Donate the ‘Heo Vàng’, give thousands of gifts Generate merit, make offerings and pray for peace.
- MoMo Travel: Manage your entire trip, compare all prices Paying for air tickets, passenger cars, trains, hotels Safe and secure, full of promotions.
Main screen: The main menu contains four prominent features: deposit money, withdraw money, view QR codes, and scan codes along with other services provided by MoMo.
Safety: MoMo security technology is globally certified Ensure user accounts will be protected with the highest level of security.
Performance:Transfer money in just 1 second, super-fast payment/recharge, save customers time and serve customer 24/7.
MoMo offers a friendly, intuitive interface that streamlines every operation, allowing people of all ages and professions to use it with ease The perceived ease of use is a key driver of adoption for MoMo’s e-wallet, shaping users’ intentions and driving broader engagement.
There are often many attractive incentive programs associated with hundreds of partners, so users save more money when using MoMo.
A Cimigo Market study involving 505 respondents who had used at least one e-wallet in Ho Chi Minh City and Hanoi shows that MoMo is among the three most popular e-wallets in Vietnam’s two major cities These three e-wallets together account for more than 90 percent of e-wallet users, highlighting the dominant role of MoMo and its peers in Vietnam’s digital payments market.
MoMo e-wallets are mainly used for mobile top-up, money transfer, utility bill payments, and payments for food delivery and ride-hailing services Compared with ZaloPay, both platforms offer similar product sets, but ZaloPay’s strategy centers on leveraging Zalo’s user data A key difference is that ZaloPay provides free deposits and withdrawals, though these transactions can only be made from linked bank accounts By contrast, MoMo features a more detailed fee schedule with a wider range of charges across its services, while ZaloPay’s core offerings are provided for free.
MoMo e-wallet is establishing itself as a highly secure digital wallet with rapid payment capabilities, prioritizing user data protection over data collection It is continuously refining a smart one-touch payment mechanism, improving product quality, and positioning the brand as a super app with an all-in-one application—a strategic focus that should guide MoMo's efforts in the near term.
MoMo's withdrawal fees are higher than those for cash withdrawals from bank accounts, making it less attractive for users who need cheap, convenient access to funds This cost can be a turnoff for the primary target audience—workers living away from home who regularly send money back to their families As the family's main income earner, they remit funds monthly, so high withdrawal costs reduce the amount they can send and the overall affordability of using MoMo.
Their main priority is to use MoMo to pay for all expenses while receiving great deals at the most competitive prices (See Table 1 and Figure 8 in Appendix)
MoMo's service now covers all essential family and personal payments, and by the end of June 2018 it had expanded to convenience stores (Circle K, MiniStop), supermarkets (Lotte Mart, Coopmart), and popular food chains (Gong Cha, Tocotoco, Royal Tea) At these locations, users simply open MoMo, present their payment code (barcode) to the cashier, or scan the QR code displayed in-store to complete the payment This rollout across key retail partners demonstrates MoMo's broad market reach, while marketing objectives indicate potential to expand into postal and telecommunications services.
Most people learn about MOMO e-wallets through word of mouth, public relations, and television advertising Another important information source shaping the decision to use MOMO is referral marketing—the promotion of the service through user referrals Under this model, anyone who successfully invites others to use the MOMO wallet earns incentives when those users make payments with the wallet This invisible incentive motivates users to promote the service without relying on additional promotional channels When someone has real user experience, they tend to summarize the information concisely to convey to others, making it easier for listeners to understand and stimulating their interest in using MOMO.
SWOT Analysis
Strengths
MoMo is among the earliest fintech developers in Vietnam, delivering cutting-edge financial technology solutions With its early-mover advantage, MoMo has consistently become a top-of-mind brand for consumers, reflecting strong brand awareness and trusted service in the Vietnamese market.
Vietnam's e-wallet landscape includes nearly 40 wallets, led by six prominent brands: Momo, ZaloPay, ViettelPay, Shopee Pay, Moca, and VNPTPay A Statista report shows Momo as the most popular mobile wallet in Vietnam in 2020, accounting for 53% of the market share, followed by ViettelPay with 25.2%, AirPay at 10.6%, ZaloPay at 5.3%, and the remainder split among other providers The figures come from a nationwide October survey of e-wallet users.
589 respondents shows that Momo is the most popular e-wallet brand in Vietnam, shared by 86% of respondents Momo is a prominent e-wallet popularly used by Generation Z (54%), Millennials (59%), and GenX (47%).
MoMo is Vietnam's leading e-wallet and one of the largest and fastest-growing fintech applications in the world, featuring an award-winning super app trusted by tens of millions of users and business partners for its ease of use, attractive design, and robust ecosystem With over 1,600 employees, MoMo is headquartered in Ho Chi Minh City and operates offices in Hanoi and Da Nang.
MoMo announced in December 2021 the completion of its fifth funding round, Series E, with approximately $200 million raised from global investors including Mizuho, Ward Ferry, Goodwater Capital, and Kora Management.
Momo aims to become a 'super app' that consolidates a wide range of everyday-life services on a single platform, making it easier for users to manage daily tasks Today, the app offers movie ticket booking, hotel booking, airline ticket purchases, bill payments, and financial investment services, among others.
Available on iOS and Android, the Momo e-wallet is easy for anyone to download and use Momo has partnered with major retailers and service providers—FPT Shop, Circle K, Ministop, Cheers, F88, and others—enabling users to deposit and withdraw funds directly at over 4,000 transaction points.
Momo has achieved international security certification PCI DSS, reinforcing its commitment to safe payments It also offers a savings refund feature that provides cashback when customers shop at supermarkets and convenience stores, delivering savings in a safe, economical, and convenient way These products and services are deployed securely and efficiently to enhance the user experience Moreover, Momo is gradually guiding users to change their shopping lifestyle and behavior through marketing and promotion programs that simplify payments and bring practical value to the community By serving as a channel to transfer donations to social programs, Momo creates tangible social impact from everyday transactions.
Momo encourages customers to raise their trust scores to unlock exclusive benefits By performing transactions and other tasks, users earn perks such as discounts on insurance purchases, an increased savings limit with the “magic bag” feature, and higher postpaid wallet limits plus larger loan options.
Weaknesses
Momo's usage is concentrated in major cities and provincial capitals, leaving many rural residents with limited access to direct deposit and withdrawal options In rural areas, there are relatively few shops that accept Momo payments, which further reduces its practicality outside urban centers.
With Momo, in-app transfers are free, but transfers to a bank account or withdrawals are subject to a free transfer limit; once that limit is exhausted, a fee of up to 0.6% of the transaction value applies.
Opportunities
Online payments are increasingly in demand, driven by a shift in consumer generations Gen Z is set to become the key customer group in the near future because they embrace change and technology quickly The convenience of e-wallets is reshaping Gen Z's payment habits, leading to a significant uptick in online payment usage and demand.
With an increasingly connected young population and a strong growing economy, Vietnam has become a promising market for the Fintech sector in general and e-wallets in particular
This proves that the potential for development of the e-wallet market in Vietnam is huge In
2020, there are an estimated 19.2 million e-wallet users in the country and the number of users is forecast to nearly triple in the next 5 years.
In addition to the fact that urban centers have been directing people to cashless purchases and
QR codes enabling cashless payments helped limit infection risk and kept people connected to goods and services as the Covid-19 pandemic shifted shoppers from in-store to online forms This acceleration marks a turning point for the development of payment gateways and e-wallets, with online payment adoption rising across the board and e-wallet usage increasing in particular In this evolving landscape, MoMo and other digital wallets gained momentum, showing how contactless, mobile-first payments can speed up checkout and broaden access to digital commerce Businesses adopting QR-based cashless payments can enhance safety, streamline transactions, and capitalize on the growing demand for convenient online purchasing.
Vietnam's economy has grown rapidly in recent years, driven by the expansion of the digital economy, e-commerce, and digital payments These trends create clear opportunities for MoMo to innovate its product and service offerings and to reach new customers.
Momo e-wallet currently offers over 200 features, from money transfers and interest-bearing savings to donations and loans It is advertised for its wide functionality, exceptional ease of use, nationwide popularity, and robust security, making it seem ahead of its direct competitors in Vietnam's digital-wallet space Looking to the future, the digital wallet industry is expected to further enhance customer experience with opportunities like global access, high security, and diverse customization options.
Threats
Vietnam's legal and institutional framework has not yet created favorable conditions for a thriving digital economy Key obstacles include the insufficient implementation of programs and policies to advance digital development, a shortage of digital skills and digital talent that meet the demands of the digital economy, and limited capacity among enterprises to pursue digital transformation.
Digital wallet providers are rapidly upgrading and diversifying their services to meet growing demand When using e-wallets, the assets and payment methods supported are key considerations, since a digital wallet acts as both a storage and a transaction medium Wallets can be categorized as closed, semi-closed, or open, depending on whether they can transact with different services or banks Across the global landscape, wallets operate within centralized or decentralized systems, shaping how users access and control their assets Today, digital wallets offer access via mobile devices, web, Internet of Things (IoT), and PTO, among other channels, highlighting the breadth of services available.
Vietnam's e-wallet landscape now includes more than 40 providers, making the market highly competitive With the sector's potential evident, many firms are formulating strategies to win market share While Momo remains a key player, its main rivals include Moca, ZaloPay, Viettel Pay, ShopeePay, and VNPAY, with smaller providers also launching attractive promotions to attract users The race centers on who can build an ecosystem that is compelling for both users and merchants.
The table below examines the three brands and demonstrate the rivalry that MOMO faces in the e-wallet business.
Application Main color: purple (a mixture of red and blue)
Purple stands for the ability to balance and stabilize, as well as representing loyalty, and is a color for apps that want to be different and strongly identify.
Main color: Blue and Green >
Blue indicates financial security and trust While green means growth, maturity, and a promising future
This means protection and financial security, a sense of dependability, and trust Blue is often chosen to convey stability and evoke trust in customers.
Types of service MoMo offers services such as money transfers between Momo accounts, withdrawals and deposits, bill payments, e- commerce, personal finance, and so forth
Furthermore, MOMO is Vietnam's first e- wallet that allows users to withdraw money from their MoMo account.
ZaloPay allows customers to pay online for internet services, electricity bills, and recharge phones for prepaid subscribers, cable TV
If friends use ZaloPay, ZaloPay can identify them in their contacts, making money transfers and transactions with pals faster.
Moca, which has a strategic alliance with Grab, has swiftly become a major player in the e-wallet competition
Moca, with its cleverly designed QR code, enables users to pay at authorized spots such as convenience stores, commercial centers, eating establishments, or to hire a car on Grab.
Partnerships The app has over 31 million users, and 50,000 corporate partners including the
Through the MoMo e- wallet, millions of transactions are processed through MoMo Wallet every day.
In 2021, this app has 6.9 million downloads and 8.17 million users It has collaborated with 269 new key partners, including Baemin, Tiki, and Sendo
Moca has approximately 5 million customers of Moca mobile payment solutions in general as a result of its cooperation with Grab.
Moca currently has direct connections with
25 commercial banks and one digital bank, allowing it to serve about 92% of ATM card users in Vietnam.
3/2018: MoMo was named one of the top
100 Fintech firms in the world
10/1/2019: MoMo is named "The e-wallet of the year" by The Asian Banker
9/4/2020: MoMo was named Best Digital Wallet Product at The Asian Banker
2019: ZaloPay earned the Vietnam Typical Electronic Wallet Award
27/8/2020: ZaloPay e-wallet was rewarded in the category of "E- wallet with the rich ecological system" as a result of the
"Vietnam Iconic E- Wallet 2020 Voting Program."
2020: The International Data Group (IDG) in partnership with the Vietnam Banks Association recognized Moca as the typical fintech business
2018: Moca is also the only Fintech in Vietnam to receive this honor four years in a row, beginning.
Risks in e-wallet payment/technology risks:
Vietnam combines a young, digitally savvy population with cheap internet access and a large base of smartphone users, creating a fertile ground for digital payments However, this profile also brings security weaknesses, because the more users there are, the greater the risk of cyber threats Currently, criminals are shifting their focus away from financial infrastructure and toward individual users, making user security the single biggest vulnerability in electronic payments For consumers, safety is the top concern in today's electronic payment transactions, so payment platforms must prioritize strong authentication, proactive fraud detection, and clear user education to protect transactions in Vietnam.
Today, scammers exploit the psychology of reward-seeking and perceived benefits, preying on user gullibility Additionally, many users install numerous apps without careful scrutiny, expanding the attack surface and giving hackers more opportunities to compromise devices.
Experiences from different countries show that the end user is the most critical and challenging link to upgrade in a security system If end users lack a sense of security, even the strongest bank defenses cannot protect against transaction malpractice In addition, awareness of copyright use in Vietnam is still low, which can undermine security measures When users operate with a jailbreak license, security methods become less effective.
Product Improvement Opportunities
Product support
To protect the MoMo e-wallet brand and safeguard user rights, implement OTP verification or secure questions for high-value transfers This additional authentication layer strengthens transaction security for all customers and meets the highest security standards they expect for secure payments.
MoMo should introduce an offline money transfer service that operates across mobile network platforms without requiring internet access, enabling users to send and receive funds even when Wi-Fi is unavailable This capability would be especially convenient for students and workers who need to transfer money while at work or on campus, delivering a fast, reliable payment experience without relying on an online connection By offering internet-free, mobile-network-based transactions, MoMo can meet the demand for quick, seamless payments anytime, anywhere.
Focus on training and transferring technologies, especially in developing, maintaining, and fixing errors that occur when withdrawing or depositing on MoMo for the employees.
Brand value
To encourage customers to use this transaction service, MoMo should reduce withdrawal fees for bank account withdrawals and at transaction points A practical approach is to connect with other banks and financial institutions at stations nationwide to lower MoMo's withdrawal charges, targeting a fee range of VND 1,000–VND 3,000, which aligns with the standard withdrawal fees charged by other banking systems.
To capture Lunar New Year demand, the strategy targets two key customer groups: workers living away from home and students With postal deliveries peaking before the holiday, freight traffic doubles versus weekdays, especially in Ho Chi Minh City and Hanoi To ensure a stable flow of goods and meet the needs of postal customers, MoMo should collaborate with Vietnam Post Corporation (Vietnam Post) to fully prepare and execute production plans for this peak period.
Marketing Goal
MoMo's SWOT-identified weakness is its limited geographic reach, with user activity heavily skewed toward major cities This urban concentration leaves rural areas and smaller towns underserved, hindering MoMo's market expansion in digital payments Contributing factors include insufficient internet coverage in rural regions, a slower adoption rate of e-wallet payments among residents, and a sparse network of stores and supermarkets that accept MoMo or online banking payments.
However, if MoMo intends to reach out to this group, this will be a prospective customer file.
Our marketing goal is to reach rural consumers, demonstrate the ease of using e-wallets through direct hands-on experiences, and cultivate a lasting habit of digital payments We also aim to connect with owners of small stores, grocers, and rural supermarket chains so they can offer e-wallet payment options, expanding access and accelerating adoption in rural regions.
Demand for e-wallets is growing, especially among Generation Z, whose digital-native habits and preference for mobile payments are driving rapid adoption In Vietnam, a young population structure and a large annual cohort of students create a substantial pool of prospective MoMo users This dynamic positions MoMo to capture early adopters and build long-term loyalty among Vietnam's youth as they become the country's future cashless consumers.
MoMo remains the market-leading e-wallet, but its dominance is threatened by the rapid proliferation of new digital wallets If marketing initiatives aimed at younger users aren’t executed, MoMo could lose market share to rivals despite its current top-of-mind status Therefore, the campaign should actively target youth—students and recent graduates—to unlock MoMo’s growth potential and maintain its place in the hearts of young users, mitigating the oblivion effect and preserving market share against competitors.
In addition to concentrating on the target customers, we have numerous other objectives for our marketing effort We have the following specific objectives:
- Increase the provision of financial services to 31 million existing customers and expanding the market through providing financial and digital transformation solutions
- Increase the number of people who know about charity programs, situations, and other special features on the MoMo e-wallet platform.
- Expand and strengthen its services in tier-2 and tier-3 cities as well as in rural areas all across Viet Nam.
- Participate in the development and implementation of communication, PR, and programs about features associated with charity activities.
- Building a financial service provider network with tens of thousands of transaction points nationwide to increase sales and find new customers and improve its security system
- Develop a community of financial service users on mobile devices
Marketing Strategy
Target markets
Effective market segmentation is a cornerstone of MoMo's marketing strategy, enabling the e-wallet to address the diverse needs of its user base The approach centers on four primary segmentation types: geographic segmentation, which targets users by location to optimize regional campaigns; demographic segmentation, which refines messaging based on factors such as age, gender, income, and education; psychographic segmentation, which aligns communications with customers' values, interests, and lifestyles; and behavioral segmentation, which analyzes purchase patterns, transaction frequency, and brand loyalty to tailor offers By applying these four dimensions—geographic, demographic, psychographic, and behavioral—MoMo can craft more relevant, personalized marketing that drives engagement and conversion.
City the whole territory of Vietnam
Gender Both male and female
Income Mainly low or middle-income
Life stage Single, couple, family
People who like to pay fast but don’t have to use cash, love technology, and want to get the best deal possible while spending the least amount of money.
Benefit sought - Free and instant money transfer
- Cashback has the highest refund rate of up to 40% (total bill).
- Easily compare fares, use and pay for all travel services, always have great deals at the most competitive prices
- Meets the highest secure payment standards with PCI DSS international security certification
Targeted markets of MoMo e-wallet:
- Behavior: There is a need to use e-wallets for shopping and eating
An active, healthy, self-directed lifestyle centers on practicality and convenience, with people continually seeking ways to save time and simplify daily routines They look for new services and conveniences that streamline tasks, from on-demand solutions to smart shopping experiences, aligning with a modern desire for efficiency This lifestyle supports diverse eating and shopping preferences, allowing individuals to tailor routines to their tastes while maintaining wellness By prioritizing convenience and time management, individuals curate a balanced, adaptive approach to daily living that fits their personal goals.
- Occupation: Workers, including farmers, craftsmen, self-employed people, etc…
Many migrant workers rely on remittance as their family's main source of income, sending money home every month from abroad They need fast, reliable transfers so funds arrive quickly to cover essential expenses and keep financial plans on track Remittance services that offer low fees, real-time or same-day transfers, and easy overseas options with clear tracking meet these critical needs for workers who balance distant work with caring for loved ones.
- Education level: At the upper secondary level, the majority are in high school.
- Lifestyle: Love family, care about the life of their loved one, like convenience, desire to find good utility services
Distribution channel in product expansion strategy
We suggest MoMo provide an online payment application for domestic and international use for customers, and we can provide an online payment application for domestic and international use for customers using Post and Telecommunications services By collaborating with the postal service in key areas like Ha Noi, the capital, and Ho Chi Minh City, the traditional process can be shortened tremendously, which is important to occupy and develop in the future People will only have to scan the MoMo QR code to pay for the postal service without using cash, and they will receive an electronic invoice with complete information rather than an information sheet, which is both environmentally friendly and easy to look up This strategy can help customers save time and make payments faster during busy hours, satisfying the needs of both groups of customers.
Promotion - Integrated Marketing Communications - IMC
Increase consumer awareness of MoMo while also encouraging them to use online payment methods, including the MoMo wallet, when shopping.
Shaping the target audience's perception of Momo's quality and utility for online payments.
The unskilled laborers with relatively low income who are between the ages of 18 and 45 are the target audience for this promotion strategy
Urban customers constitute the primary target audience for our digital media and communication tools, showing greater interest in the business’s products than other groups This urban segment is also the main source of family income, tends to prioritize family care, and exhibits a higher frequency of regular transactions, making them a reliable base for ongoing engagement For Momo, this presents a clear opportunity to tailor offerings and enhance growth by focusing on digital channels and family-centered value propositions that resonate with how urban households manage everyday needs.
6.3.3 Choose effective communication channel (WHERE)
Introducing the Momo e-wallet to the target market hinges on building brand recognition and shaping the audience's perception of quality and ease of use to drive early adoption The campaign will prioritize television advertising, with TVCs (Television Commercials) designed to introduce the product and reinforce the messages viewers encounter on TV Because the length and delivery of TVCs influence communication effectiveness, shorter TVCs tend to convey the core advertising message more directly and efficiently As a result, TVC advertising will deliver quick, widespread awareness, helping the product gain visibility and trust in the market.
Successful advertising TVC production requires careful attention from pre-production through completion; launching a TVC without a well-scripted idea can backfire, turning customers away and damaging the business by misrepresenting products or services This article highlights TVC Producer.vn, a producer with ten years of market appreciation, as a trusted partner for high-quality TVC production For maximum reach and impact, TVCs should typically run 30 seconds to engage the majority of the target audience, reinforce a basic message about quality, and convey essential information about the Momo e-wallet Data shows that viewership is strongest in the first 30 seconds and declines significantly after 60 seconds, with the 30-second audience roughly twice the size of those who watch a full 90-second version.
TV advertising entails a significant budget to achieve meaningful impact, but you don’t have to chase prime-time national slots or spend heavily in big cities to reach your audience If you’re launching in a new locality, focusing on local TV channels can dramatically lower costs while still delivering solid results Local television typically costs much less than national TV, making it a sensible choice for cost-saving campaigns By delivering the message to the right local audience, you can give early access to products intended for broad appeal, maximizing relevance and efficiency of the ad spend.
TVC Implementation Premium Package, priced at 70 million VND, guarantees a premium investment in your advertising video with a complete production team—including a director, scriptwriter, post-production crew, stylist, actors, set, studio, and costumes—backed by high-end equipment and advanced production techniques to deliver the best possible advertising video for clients.
Promotion of TVC on TV channels: expected 4.11 billion VND. b Model
TVC is broadcast on local television across the South Central Coast and Mekong Delta region, targeting urban areas of class II and III, specifically through Vĩnh Long, Ninh Thuận, and Quảng Nam radio and television networks The commercials air in two daily blocks, from 11:50 to 12:00 and from 18:45 to 19:00, after the news and before the weather forecast, to reach the majority of the target audience and raise awareness of the product and its quality, as well as provide basic information about the Momo e-wallet.
To reinforce its advertising strategy, Momo should deploy large outdoor billboards along national highways and major roads to boost brand awareness Billboards, with their tremendous size and height and their ability to stand independently in open spaces, convey the brand’s images and messages in a vivid, memorable way that catches the eye of passing motorists Outdoor advertising remains a prestigious form of communication today; a brand displayed in a beautiful, premium location signals prestige in the eyes of customers No internet required, outdoor billboards can reach audiences in rural and mountainous areas, expanding reach beyond urban centers This standalone format also minimizes direct competition, ensuring that the advertised product remains the focal point for viewers.
Outdoor advertising campaigns typically run six months to a year or longer to build brand identity and imprint in consumers’ minds For Momo Wallet, a six‑month timeframe is a reasonable starting point In those six months, a continuous two‑month event can be scheduled depending on needs Momo can select from channels such as high‑impact billboards and panoramic displays, mid‑ to low‑range placements like bus stops and street furniture, roadshow activations, or digital out‑of‑home advertising using LED screens, LCD frames, and mall or airport displays Expenses will vary by channel, duration, and location, so budgeting should reflect the chosen media mix.
Cost of renting location and designing advertising: expected 2.79 billion VND. b Model:
Order outdoor advertising design at On Digitals Company Limited.
Hire an outdoor advertising location at Goldsun Company Limited.
MoMo has effectively tapped into the needs of Vietnamese consumers, especially the youth, who seek new, convenient, and fast payment experiences For its market expansion, MoMo should actively seek media partners and collaborate with reputable outlets such as Zing.vn, VnExpress, and Tuoi Tre to publish campaign announcements, while also deploying in-depth content that underscores the real value MoMo provides to the community Simultaneously, the brand should boost its presence on social platforms, engaging influencers, KOLs, and singers—negotiating terms and coordinating bookings—and share the latest campaign updates on its main Facebook and TikTok pages with content tailored to captivate the target audience, fostering initiative and anticipation.
Students routinely check their email every day, so email outreach becomes a reliable way to inform them about new services Momo can capitalize on this behavior by sending direct emails to its user base, facilitating clear, direct communication about products, features, and promotions This targeted email marketing strategy can increase user engagement, drive traffic to product pages, and foster ongoing relationships with Momo users through timely, relevant updates.
Introducing the upcoming product to customers via the MoMo list Moreover, giving instructions to customers about the product as well as the prices of the proposed offers
Our newsletters deliver exclusive offers, including a 10% discount on lotion products when you receive the email and forward it to friends By joining our referral program, you’ll earn an additional voucher for yourself, and every friend you share it with will also receive a voucher.
Send targeted thank-you emails to loyal customers from the previous year who trusted and purchased our products, reinforcing their value and encouraging ongoing engagement; on their birthdays, reach out via a phone call or email from your house list to wish them a happy birthday and offer a 10% discount on MoMo transactions to boost loyalty and drive future purchases.
As people's social circles expand, their desire to share, contribute to society, support disadvantaged communities, and cope with difficult situations grows, and MoMo can capitalize on this trend by expanding its charitable offerings, since charitable giving tends to boost happiness and user retention The charity donation feature lets benefactors donate any amount with a single action, without needing to remember accounts or other details Traditionally, fundraising requires coordinating with many agencies, but MoMo's charity program enables individuals, benefactors, and businesses to share the burden by donating through the MoMo e-wallet, simplifying the process and amplifying impact.
Marketing Plan Implementation
Campaign public impression
• Target Audience: Focus on target group 1, especially freshmen who have just entered university (18 years old)
• Slogan for the campaign: You don't need to worry, MoMo has your back!
- They are students from the suburbs.
-They had few friends when they first entered school
- They live far from home
- Most of them have a low cost of living
- They are not used to how to study in a university environment
- They haven't adapted to the new environment yet
- They feel lonely when they step foot in the big city.
- They feel unfamiliar with everything around them.
- They have to do everything themselves.
"I wish there were more companions to share and help overcome difficulties together at new environment"
Every student deserves a best friend to share the memorable moments of student life, and MoMo is here to be that companion Ready 24/7, MoMo is always available to listen, support, and help you navigate tough times whenever you need it With MoMo by your side, your college journey becomes easier, more connected, and truly unforgettable.
• Concept: Young, modern, cute, and dynamic.
• Theme: Pink and white, MoMo character wearing student card
• Brand Ambassador: Actress Hau Hoang and Khanh Van
Marketing plan execution table
"YOU DON’T NEED TO WORRY, MOMO HAS YOUR BACK"
Stage 1 (76 days) Stage 2 (92 days) Stage 3 (61 days)
Set up a campus communications activation booth and deploy a design-driven experience that uses viral clips and targeted giveaways within the university app to reward freshmen with gifts and concert tickets The launch event, "Momo Greets New Students," pairs with the campus game "Throw Golds in the MoMo Era" to boost participation, engagement, and buzz around orientation.
Posting viral clip "New life of new students" on
Implement the program of giving away items from 7/7 to 9/7
160 locations in universities from August 1,
"MoMo welcomes new students" on September 25, 2021
"Throw golds in the MoMo era" on September 21, 2021
Run ads on Facebook Run ads on
Interactive communication fan page, facebook
Start End Total time TVC Implementation costs of TVC: 70 millions VND
VND Total cost: 4.18 billions VND
VND Total cost: 3.2 billions VND
Social media Total cost: 7 billions VND
KOLs Total cost: 60 millions VND
Total Advertisement Costs: 7.537 billions VND
Evaluation and Control
Performance standards and financial control
The following financial control and performance standards are recommended for MoMo:
The budget allocation in the project will be 50% for customer survey and marketing system development, 50% for function development and launch in new markets.
Each project team is responsible for reporting all financial expenditures, including personnel salaries and direct costs, for every project segment; the marketing manager will develop and deliver a standardized reporting form to streamline and standardize the reporting process.
The marketing manager ensures project budget compliance and monitors expenditures, delivering weekly budget status reports to the company president; they also handle any budget deviations for each project as required by the business analysis team.
Supervision procedures
To assess MoMo's marketing plan effectiveness, we compare its actual performance with the planned objectives To enable this analysis, comprehensive monitoring procedures must be developed for the diverse activities required to bring the plan to fruition These procedures should cover the key activities involved, specify actionable metrics and data sources, assign responsibilities, and establish reporting timelines, while remaining adaptable to incorporate additional activities as needed to keep the marketing efforts aligned with goals.
A project management concept that will be used to evaluate the implementation of the marketing plan by establishing time requirements, manpower needs, and financial or budgetary expenditures;
Monthly performance comparisons of actual versus planned activities will be conducted throughout the first year, with quarterly reviews beginning after the initial implementation period The business analysis team, led by the marketing director, will provide direct reporting on the comparison of actual results against the plan to the company president.
In mining projects, each project team, led by the team leader, is responsible for determining the changes required in procedures, product focus, or operations based on the findings of area mine studies The team leader translates these study results into actionable updates that steer operational adjustments and align with project objectives.
Appendix
Figure 3 Digital Economies of ASEAN countries in 2020
Figure 4 Digital Economy scenarios of Vietnam to 2025
Figure 5 E-commerce revenue in Vietnam in 2021
Figure 6 Most popular mobile wallet brands Vietnam 2020
Figure 7 Most used e-wallets Vietnam 2021 by genaration
Figure 8 Competitive advantages of e-wallets in Vietnam
Table 1 Services fee at transaction points of MoMo
Service fee Until the end of May 31,2021 From June 1, 2021
Figure 9 Service fees when withdrawing money to bank accounts from MoMo